• About
  • Blog
  • Best Brokers Worldwide
  • Contact
  • Home
  • Forex
    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

    Australian Dollar extends gains on higher commodity prices, geopolitical tension in the Middle East

    Australian Dollar extends gains on higher commodity prices, geopolitical tension in the Middle East

    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Putin allows Russian banks under sanctions to halt some FX operations

    Putin allows Russian banks under sanctions to halt some FX operations

    South Korea probes $3.1bn crypto-linked forex transactions

    South Korea probes $3.1bn crypto-linked forex transactions

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    Paraguay’s crypto framework one step away from becoming law

    Paraguay’s crypto framework one step away from becoming law

  • Education
    Q4 Trade Opportunity: EUR/CAD Long-Term Reversal as Oil, Inflation Rise

    Q4 Trade Opportunity: EUR/CAD Long-Term Reversal as Oil, Inflation Rise

    Australian Dollar Dips as US Dollar Rallies After Israel Attack. Lower AUD/USD?

    Australian Dollar Dips as US Dollar Rallies After Israel Attack. Lower AUD/USD?

    AUD/USD Rises Despite Wall Street Selloff as Chinese Flooding Lifts Coal Prices

    AUD/USD Rises Despite Wall Street Selloff as Chinese Flooding Lifts Coal Prices

    Euro Forecast: EUR/USD Outlook Bleak as Traders Rush for US Dollars

    Euro Forecast: EUR/USD Outlook Bleak as Traders Rush for US Dollars

    RAND UPDATE: ZAR STRENGTH MAY BE SHORT LIVED AHEAD OF BUDGET SPEECH

    RAND UPDATE: ZAR STRENGTH MAY BE SHORT LIVED AHEAD OF BUDGET SPEECH

    CRUDE OIL PRICES MAY RISE ON US STIMULUS HOPES

    CRUDE OIL PRICES MAY RISE ON US STIMULUS HOPES

    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

    EUR/AUD BREAKOUT COULD GROW LEGS

    EUR/AUD BREAKOUT COULD GROW LEGS

    CHINESE YUAN (CNH) DRIVING CURRENCY MARKETS; HOWEVER, TRUMP RISK REMAINS

    CHINESE YUAN (CNH) DRIVING CURRENCY MARKETS; HOWEVER, TRUMP RISK REMAINS

  • Commodities
    Abu Dhabi’s oil champion ADNOC bets on global expansion

    Abu Dhabi’s oil champion ADNOC bets on global expansion

    Oil prices jump as Middle East violence rattles markets

    Oil prices jump as Middle East violence rattles markets

    Panamanian trade unions reach agreement with government on essential commodities

    Panamanian trade unions reach agreement with government on essential commodities

    Dollar surges and stocks tumble as traders weigh global growth outlook

    Dollar surges and stocks tumble as traders weigh global growth outlook

    Can commodities make a comeback?

    Can commodities make a comeback?

    CME looks to lure retail traders with daily options frowned on in Europe

    CME looks to lure retail traders with daily options frowned on in Europe

    The traders earning $6m+ outside banks and hedge funds

    The traders earning $6m+ outside banks and hedge funds

    CFTC eyes potential oversight of cryptocurrencies, carbon trading – commissioner

    CFTC eyes potential oversight of cryptocurrencies, carbon trading – commissioner

    Palladium: Completely Reverse The Rumors for a Bubble Burst

    Palladium: Completely Reverse The Rumors for a Bubble Burst

  • Cryptocurrencies
    Crypto’s decentralization problem: The word is used too often to justify bad product decisions

    Crypto’s decentralization problem: The word is used too often to justify bad product decisions

    Bitcoin Is Set to Thrive in October—No Matter Where Rates Go, Analyst Says

    Bitcoin Is Set to Thrive in October—No Matter Where Rates Go, Analyst Says

    Ripple Is Considering Buying Bankrupt Crypto Lender Celsius’ Assets: Report

    Ripple Is Considering Buying Bankrupt Crypto Lender Celsius’ Assets: Report

    Yen shorts crumble as hot FX trade comes to end

    Yen shorts crumble as hot FX trade comes to end

    Brevan Howard Scores Largest Crypto Hedge Fund Launch Ever

    Brevan Howard Scores Largest Crypto Hedge Fund Launch Ever

    Crypto Is Coming to Esports: The Games and Economics of Tomorrow

    Crypto Is Coming to Esports: The Games and Economics of Tomorrow

    Singapore’s crypto aspirations shaken by Three Arrows collapse

    Singapore’s crypto aspirations shaken by Three Arrows collapse

    Crypto exchange Coinbase looks to expand footprint in Europe

    Crypto exchange Coinbase looks to expand footprint in Europe

    How ETF investors can bet on the crypto crash

    How ETF investors can bet on the crypto crash

FX Access
  • Home
  • Forex
    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

    Australian Dollar extends gains on higher commodity prices, geopolitical tension in the Middle East

    Australian Dollar extends gains on higher commodity prices, geopolitical tension in the Middle East

    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Putin allows Russian banks under sanctions to halt some FX operations

    Putin allows Russian banks under sanctions to halt some FX operations

    South Korea probes $3.1bn crypto-linked forex transactions

    South Korea probes $3.1bn crypto-linked forex transactions

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    Paraguay’s crypto framework one step away from becoming law

    Paraguay’s crypto framework one step away from becoming law

  • Education
    Q4 Trade Opportunity: EUR/CAD Long-Term Reversal as Oil, Inflation Rise

    Q4 Trade Opportunity: EUR/CAD Long-Term Reversal as Oil, Inflation Rise

    Australian Dollar Dips as US Dollar Rallies After Israel Attack. Lower AUD/USD?

    Australian Dollar Dips as US Dollar Rallies After Israel Attack. Lower AUD/USD?

    AUD/USD Rises Despite Wall Street Selloff as Chinese Flooding Lifts Coal Prices

    AUD/USD Rises Despite Wall Street Selloff as Chinese Flooding Lifts Coal Prices

    Euro Forecast: EUR/USD Outlook Bleak as Traders Rush for US Dollars

    Euro Forecast: EUR/USD Outlook Bleak as Traders Rush for US Dollars

    RAND UPDATE: ZAR STRENGTH MAY BE SHORT LIVED AHEAD OF BUDGET SPEECH

    RAND UPDATE: ZAR STRENGTH MAY BE SHORT LIVED AHEAD OF BUDGET SPEECH

    CRUDE OIL PRICES MAY RISE ON US STIMULUS HOPES

    CRUDE OIL PRICES MAY RISE ON US STIMULUS HOPES

    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

    EUR/AUD BREAKOUT COULD GROW LEGS

    EUR/AUD BREAKOUT COULD GROW LEGS

    CHINESE YUAN (CNH) DRIVING CURRENCY MARKETS; HOWEVER, TRUMP RISK REMAINS

    CHINESE YUAN (CNH) DRIVING CURRENCY MARKETS; HOWEVER, TRUMP RISK REMAINS

  • Commodities
    Abu Dhabi’s oil champion ADNOC bets on global expansion

    Abu Dhabi’s oil champion ADNOC bets on global expansion

    Oil prices jump as Middle East violence rattles markets

    Oil prices jump as Middle East violence rattles markets

    Panamanian trade unions reach agreement with government on essential commodities

    Panamanian trade unions reach agreement with government on essential commodities

    Dollar surges and stocks tumble as traders weigh global growth outlook

    Dollar surges and stocks tumble as traders weigh global growth outlook

    Can commodities make a comeback?

    Can commodities make a comeback?

    CME looks to lure retail traders with daily options frowned on in Europe

    CME looks to lure retail traders with daily options frowned on in Europe

    The traders earning $6m+ outside banks and hedge funds

    The traders earning $6m+ outside banks and hedge funds

    CFTC eyes potential oversight of cryptocurrencies, carbon trading – commissioner

    CFTC eyes potential oversight of cryptocurrencies, carbon trading – commissioner

    Palladium: Completely Reverse The Rumors for a Bubble Burst

    Palladium: Completely Reverse The Rumors for a Bubble Burst

  • Cryptocurrencies
    Crypto’s decentralization problem: The word is used too often to justify bad product decisions

    Crypto’s decentralization problem: The word is used too often to justify bad product decisions

    Bitcoin Is Set to Thrive in October—No Matter Where Rates Go, Analyst Says

    Bitcoin Is Set to Thrive in October—No Matter Where Rates Go, Analyst Says

    Ripple Is Considering Buying Bankrupt Crypto Lender Celsius’ Assets: Report

    Ripple Is Considering Buying Bankrupt Crypto Lender Celsius’ Assets: Report

    Yen shorts crumble as hot FX trade comes to end

    Yen shorts crumble as hot FX trade comes to end

    Brevan Howard Scores Largest Crypto Hedge Fund Launch Ever

    Brevan Howard Scores Largest Crypto Hedge Fund Launch Ever

    Crypto Is Coming to Esports: The Games and Economics of Tomorrow

    Crypto Is Coming to Esports: The Games and Economics of Tomorrow

    Singapore’s crypto aspirations shaken by Three Arrows collapse

    Singapore’s crypto aspirations shaken by Three Arrows collapse

    Crypto exchange Coinbase looks to expand footprint in Europe

    Crypto exchange Coinbase looks to expand footprint in Europe

    How ETF investors can bet on the crypto crash

    How ETF investors can bet on the crypto crash

FX Access
No Result
View All Result

What Is Traded In Forex?

poweradmin by poweradmin
September 29, 2020
Home Education
Share on FacebookShare on Twitter

What is traded in forex?

The simple answer is MONEY.

Because you’re not buying anything physical, forex trading can be confusing so we’ll use a simple (but imperfect) analogy to help explain.

Think of buying a currency as buying a share in a particular country, kinda like buying shares in a company.

The price of the currency is usually a direct reflection of the market’s opinion on the current and future health of its respective economy.

In forex trading, when you buy, say, the Japanese yen, you are basically buying a “share” in the Japanese economy.

You are betting that the Japanese economy is doing well, and will even get better as time goes.

Once you sell those “shares” back to the market, hopefully, you will end up with a profit.

In general, the exchange rate of a currency versus other currencies is a reflection of the condition of that country’s economy, compared to other countries’ economies.

By the time you graduate from this School of Pipsology, you’ll be eager to start working with currencies.

Major Currencies

While there are potentially lots of currencies you can trade, as a new forex trader, you will probably start trading with the “major currencies“.

They’re called “major currencies” because they’re the most heavily traded currencies and represent some of the world’s largest economies.

Forex traders differ on what they consider as “major currencies”.

The uptight ones who probably got straight A’s and followed all the rules as children only consider USD, EUR, JPY, GBP, and CHF as major currencies.

Then they label AUD, NZD, and CAD as “commodity currencies“.

For us rebels, and to keep things simple, we just consider all eight currencies as the “majors”.

Below, we list them by their symbol, country where they’re used, currency name, and cool nicknames.

Currency symbols always have three letters, where the first two letters identify the name of the country and the third letter identifies the name of that country’s currency, usually the first letter of the currency’s name.

These three letters are known as ISO 4217 Currency Codes.

By 1973, the International Organization for Standardization (ISO) established the three-letter codes for currencies that we use today.

Take NZD for instance…

NZ stands for New Zealand, while D stands for dollar.

Easy enough, right?

The currencies included in the chart above are called the “majors” because they are the most widely traded ones.

We’d also like to let you know that “buck” isn’t the only nickname for USD.
There’s also: greenbacks, bones, benjis, benjamins, cheddar, paper, loot, scrilla, cheese, bread, moolah, dead presidents, and cash money.

So, if you wanted to say, “I have to go to work now.”

Instead, you could say, “Yo, I gotta bounce! Gotta make them benjis son!”

FUN FACT: In Peru, a nickname for the U.S. dollar is Coco, which is a pet name for Jorge (George in Spanish), a reference to the portrait of George Washington on the $1 note?

Tags: What is forex
poweradmin

poweradmin

Next Post
Buying And Selling Currency Pairs

Buying And Selling Currency Pairs

Please login to join discussion

Recommended.

Q4 Trade Opportunity: EUR/CAD Long-Term Reversal as Oil, Inflation Rise

Q4 Trade Opportunity: EUR/CAD Long-Term Reversal as Oil, Inflation Rise

October 9, 2023
Australian Dollar Dips as US Dollar Rallies After Israel Attack. Lower AUD/USD?

Australian Dollar Dips as US Dollar Rallies After Israel Attack. Lower AUD/USD?

October 9, 2023
China-EU relationship is at a crossroads, top official says in Beijing

China-EU relationship is at a crossroads, top official says in Beijing

October 9, 2023
The U.S. is weaker now than when we downgraded in 2011, former S&P ratings chairman says

The U.S. is weaker now than when we downgraded in 2011, former S&P ratings chairman says

October 9, 2023
Abu Dhabi’s oil champion ADNOC bets on global expansion

Abu Dhabi’s oil champion ADNOC bets on global expansion

October 9, 2023
FX Access

FX Access tells you what’s new in politics, investment and economic, why it matters, how it works and what you need.

Follow Us

Categories

  • Commodities
  • Cryptocurrencies
  • Economic
  • Education
  • Forex

Recent News

Q4 Trade Opportunity: EUR/CAD Long-Term Reversal as Oil, Inflation Rise

Q4 Trade Opportunity: EUR/CAD Long-Term Reversal as Oil, Inflation Rise

October 9, 2023
Australian Dollar Dips as US Dollar Rallies After Israel Attack. Lower AUD/USD?

Australian Dollar Dips as US Dollar Rallies After Israel Attack. Lower AUD/USD?

October 9, 2023
  • About
  • Blog
  • Best Brokers Worldwide
  • Contact

© 2022 FX Access | All rights reserved.

No Result
View All Result
  • Home
  • Forex
  • Education
  • Commodities
  • Cryptocurrencies

© 2022 FX Access | All rights reserved.